A new poll shows that about 60% of people have enough money saved up to last for three months without working, while 12% said they could last “less than a week” on their savings.
The survey, conducted by career advice website Zety.com and shared with the Washington Examiner, shows that most people said their savings would run out after three months, with 17% saying they could last for 4-6 months, and 13% saying they could live off their savings for over a year.
- 12% said less than a week.
- 9% said 1-2 weeks.
- 15% said one month.
- 24% said 1-3 months.
- 17% said 4-6 months.
- 4% said 7-9 months.
- 4% said 10-12 months.
- 13% said more than one year.
- 2% are unsure.
Almost half, 44%, said they had a backup plan in case they lost their job, while almost a quarter, 22%, said they hadn’t considered it. People also tended to overestimate how much they need to live, on average, with the greatest difference found in “Baby Boomers” who were born between 1946 and 1964, who underestimated how much they need by $358, followed by “Generation X,” those born between 1965 and 1980, who were off by $225, and “Millennials,” those born between 1981 and 1997, who were off by just $14.
“With so many people living above their means, a financial emergency could put them in a crisis. Selling off personal items might not be most people’s first choice for getting through an unexpected break in income, but it could be a temporary solution when short on cash,” the survey analysis reads.
Zety.com surveyed 1,006 employed workers and freelancers online.
Theodore Bunker ✉
Theodore Bunker, a Newsmax writer, has more than a decade covering news, media, and politics.
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